Well, as the global economy slows and the news doesn't seem to get any better, the Edmonton real estate market continues to keep puttering along.
The stats from February showed that single family homes:
1. Average price went down by just over $5000
2. Condos dropped by just under $12,000
3. Half duplexes and rowhouses went up by almost $10,000 (interesting)
4. The average days on market (DOM) dropped from 68 to 61 days.
5. The list to sell ratio went from 30% to 40%, which is 4% higher than 2008, but not even 1/2 of 2007 (85%).
Not bad, for a recession period....
We continue to be optimistic. Single family homes will probably continue a bit of price slide.
The real topic of conversation will continue to be the apartment condo market. Have a look around the city. The high number of completed and currently building complexes is remarkable. By the sheer weight of numbers, the prices for apartment condos appear to be headed down because of the glut of condos coming on the market. We dont say that happily, but we can not control the rate at which they are being built.
Also, the interest rates are at All Time lows. We saw a mortgage pre-approval for 3.99% for a 4 year term. Wow!
The spring market should be quite lively.
Give us a call if you are interested in buying or selling to-day!
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